To achieve long term capital growth through investment in a diversified portfolio of Qualifying Companies primarily quoted on AIM. The manager may also invest in companies traded on OFEX. Downing appointed as a manager of the Company (01-Mar-12) will, over time, transfer around half of the qualifying investments into unquoted companies which have the potential to generate attractive returns. It will in the process manage a careful selling programme of a number of the Companys AIM stocks and will focus upon the AIM stocks where it believes there is the most opportunity for upside. This change of strategy will reduce the Companys exposure to the AIM market, which has been volatile, and broaden the investments in the portfolio to include private equity backed businesses. This change of strategy will require shareholder approval and accordingly a resolution to amend the Companys investment policy will be put to shareholders at the AGM to be held in July 2012.